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Nissan CEO Hiroto Saikawa resigns, successor to be named

YOKOHAMA, Japan — Nissan Chief Executive Hiroto Saikawa tendered his resignation Monday after acknowledging that he had received dubious income and vowed to pass the leadership of the Japanese automaker to a new generation. Board member Yasushi Kimura told reporters at an evening news conference at company headquarters in Yokohama that the board has approved Saikawa's resignation, effective Sept. 16, and a successor will be appointed next month. A search is underway, he added. Calls for Saikawa's resignation, which arose after the arrest last year of his predecessor, Carlos Ghosn, on various financial misconduct allegations, have grown louder after Saikawa acknowledged last week that he had received dubious payments. The income was linked to the stock price of Nissan Motor Co., and he has said his pay got inflated by illicitly adjusting the date for cashing in. The automaker's board met to look into the allegations against Saikawa, as well as other issues related to Ghosn's allegations and corporate ethics at the company. Kimura said the income Saikawa had received was confirmed as "not illegal." Ghosn, who is out on bail and awaiting trial, says he's innocent. Kimura and three other board members, who all have backgrounds outside the company, said their investigation of the scandal over Ghosn's arrest found that alleged misconduct by Ghosn and Greg Kelly, a former board member who was also arrested, had caused 35 billion yen ($350 million) in damage to the company. Nissan will seek a repayment of the damages, Kimura said. The board said about 10 candidates are being considered as a replacement for Saikawa. They did not identify them, but said outsiders and non-Japanese are on the list. Until a successor is decided, Chief Operating Officer Yasuhiro Yamauchi will serve as interim chief, the board said. Saikawa has not been charged. "I have been trying to do what needs to be done so that I can pass the baton over as soon as possible," he told reporters earlier in the day, referring to his willingness to leave his job. Saikawa did not appear at the news conference initially, but the four board members who led the event said he would later. Saikawa has said he didn't know about the improprieties, promised to return the money and blamed the system he said Ghosn had created at Nissan for the dubious payments. Japanese media reports said Saikawa had received tens of millions of yen (hundreds of thousands of dollars) in extra compensation.

Cadillac CT6 ushers in new naming convention

Johan de Nysschen has been at his new post as president of Cadillac for not even three months , but he's already seen two of his most notable accomplishments from his two-year tenure as president of Infiniti matched by Cadillac. The brand has announced that it is relocating its headquarters, and is now officially changing its nomenclature.
The brand's new flagship model will abandon the familiar three-letter designation enjoyed by every other model in the range (aside from the Escalade), and adopt an alpha-numeric title. So, rather than the expected title of LTS, Cadillac's top-end car will be called the CT6.
Of course, this won't be limited to just one model. According to Cadillac's press release, "familiar lettering like 'CT' would be used for car models, with the number indicating the relative size and position of the cars in the hierarchy of Cadillac models." And yes, that means what you think it means - Cadillac will use the exact same naming formula, albeit with different letters, as Infiniti.

Infiniti QX Inspiration fails to drive onstage at Detroit Auto Show reveal

Update: The concept car has made it to the stage, and is spinning on its dais. "Ladies and gentleman, the Infiniti QX Inspiration. It's here, but you can't see it," were the words spoken on the Infiniti stage as the new electric concept crossover's promo video ended. That's right, on Infiniti's 30th anniversary of existence — the brand was launched here in Detroit — its big reveal was never actually revealed at the Infiniti press conference. "It's a concept car," Nissan said lamentingly. Yes, it most certainly is a finicky concept car. We walked out of the hall to see the QX Inspiration sitting, with its hood up, unmoving with Infiniti folk milling around it. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The press conference itself went on without the vehicle, though it was a bit anticlimactic without it. Pre-written lines were read, detailing small bits here and there that nobody managed to see. However, we were determined to see the car, and managed a short glimpse before being told to move along and wait for it to (eventually) make it onto the stage for photos. Check out all the details in our post that went up as Infiniti revealed all the details of the car, minus the actual vehicle. The design is quite striking, with a heavy Japanese tilt both inside and out. Once Infiniti gets it out there (we'll update when they do) we'll have shots of it from the swiveling dais it was meant to grace during the "official" reveal. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Related video: Detroit Auto Show Infiniti Concept Cars Electric Luxury 2019 detroit auto show